When the economies face the fierce shocks of pandemic such as COVID-19, the role of entrepreneurship for society is magnified. Entrepreneurship, defined as the process of starting and running a new business, is of primary importance. Entrepreneurship plays a key role, bringing jobs, incomes and value-added to society, all essential ingredients in the economic development mix, and much needed now as never before. While many new businesses have been deferred or derailed by the pandemic, others have been able to seize new opportunities, ranging across the economic spectrum from the production of pharmaceuticals to the online purchase of necessity products and services. In the aftermath of economic crises, entrepreneurial activity will drive economic recovery (as it did follow the 2008 financial crisis). In any case, individuals that are currently making the decision to start and/or to grow a business are on the right track ultimately creating jobs and incomes, adding value to society, and strengthening economies. In other words, much as vaccination is the key to global health recovery, so too is entrepreneurship the key to unlocking worldwide economic recovery.

“What are key lessons you have learned as an entrepreneur running a business during a pandemic? How do you apply this lesson in the future course of running your business?”

Developments in emerging economies of the world are changing at an increasingly accelerated pace because of the current pandemic. Both consumers and companies are experiencing new demands. The suppliers and manufacturers have actively started on digital transformation with the reduction of exhibitions and physical transactions. In terms of stores, they focus more on online services. Physical stores have moved towards “experiential” services. So, the focus moved to online and offline interactive integration through hybrid mode. New business has been generated as a result and only by being resilient, innovative, and agile an entrepreneur can seize an opportunity in the new normal.

With the emerging business opportunities, India is gradually moving to become a leading global start-up hub with rising numbers of new companies, venture capitalists, and entrepreneurs. To create conducive Start-up ecosystem in order to boost entrepreneurship, the government has created an entire ministry dedicated to helping new businesses through ‘Ministry of Skill Development and Entrepreneurship’. The present government has introduced many schemes to promote entrepreneurship and assist emerging Start-ups financially. The government schemes launched for developing and encouraging entrepreneurship in India are Start-up India initiative, ASPIRE, Mudra Bank, Atal Innovation Mission, eBIZ Portal, Dairy Processing and Infrastructure Development Fund (DIDF), Support for International Patent Protection in Electronics & Information Technology (SIP-EIT), Multiplier Grants Scheme (MGS), Credit Guarantee Scheme for Startups (CGSS), Software Technology Park (STP) Scheme, The Venture Capital Assistance Scheme (VCA), etc. These initiatives of the government have led to the change in perception of Indian people towards entrepreneurship.

This reflects in the current Global Entrepreneurship Monitor (GEM) 2020/2021 report that India over the last few years is strongly emerging in different and powerful sectors (pharmacy, space technology and others) even though the country remains in the low-income group. In India seven out of ten persons surveyed agreed that they have started their own business to make a difference in the world and to create wealth or higher income. This reflects that Indians are highly motivated to make a difference in the world through “Purpose Driven Entrepreneurship” alongside more traditional motivations of just making a living because jobs are scarce or to continue a family business. These self-perceptions of opportunism and proactivity of Indians to be seen by others as innovators and wealth creators is an encouraging sign of a ‘Collective Will’ for future business sustainability that will provide India as a fertile ground for new business opportunities.

“Take up one idea. Make that one idea your life, think of it, dream of it, live on that idea, let the brain, muscles, nerve, every part of your body be full of that idea and just leave every other idea alone. This is the way to success.” – Swami Vivekananda

Under this premise, AMITY UNIVERSITY, UTTAR PRADESH is organizing a Virtual Startup Expo as part of 4th International Conference on Entrepreneurship, Innovation and Leadership (ICEIL’22) on the theme ‘Resilient Entrepreneurship, Disruptive Innovations, and Agile Leadership: Gearing up for Industry 5.0 for Economic Growth in VUCA World’ scheduled from 20-22 January 2022.

We cordially invite you to join hands with us to participate for the Virtual Start-up Expo during ICEIL’2022. We look forward to your registration and confirmation for participation in the same.

For any further information/query, please feel free to contact us anytime.

Wishing you Happy New Year!

Be Safe and Healthy!

Prof. (Dr) Anupam Narula